Warren Buffett has said it only takes two things for investors to succeed - having a sound plan and sticking to it...and it's the sticking to it part where most people struggle.

Along similar lines, the key for advisors in helping clients succeed is not developing the right plan, it's putting in place strategies to help clients stick to the plan once it's developed.

That's typically not a big problem when people are making money and investors feel rewarded for being in markets.

But it's a huge issue in times like these, when it's easy for Canadians to become anxious and discouraged...to go to cash with their existing investments and stop making RRSP contributions.

In light of that, here's a strategy that can help clients maintain confidence and stick to their plans.

Providing perspective

In my conversations with Canadian investors, almost all want to deal with advisors who are generally positive but at the same time provide a balanced perspective; so don't fall into the perma-bull "don't worry be happy" camp.

That's why you can't dismiss the issues that global economies and stock markets are facing.

And with many clients, you can't rely on just your own opinion or your firm's research - in times like these, it's helpful to provide support from trusted, third party sources.

The leading voices in the valuation debate

That's the reason that in early July I conducted video interviews with both Jeremy Siegel and Robert Shiller, the two leading voices on the market valuations, with a view to presenting both sides of the argument on market valuations.

Both Siegel and Shiller are highly credible - they each called the tech meltdown and take a fact-based approach to their analysis.

Here's the link to a March Wall Street Journal front page story that highlighted these two academics as the leading voices in the undervalued vs. overvalued debate: http://online.wsj.com/article/SB10001424052748704706304575107492632567802.html

Using the videos with clients

Last week, videos of the interviews with Siegel and Shiller were posted to the Clientinsights.ca website.

There are a couple of ways to use these interviews.

One is to email clients the one that supports your point of view.

Alternatively, you might want to send clients not just the one you agree with but both videos - and then talk about the contrary case that has been presented.

By demonstrating that you've looked at the full gamut of views rather than telling just one side of story, your ultimate recommendation has more power.

So if you're recommending clients stay fully invested, it's important to show clients you've examined the negative case.

And if you're cautious and recommending cash, it's helpful to demonstrate that you're not ignoring the optimistic voices.

Doing this entails a longer, more detailed conversation - but it's this kind of conversation that helps clients stick to their plan at the inevitable time when the market goes against the stance you've taken.

To watch videos of two of the interviews with Jeremy Siegel, click here:

Why stocks are undervalued

http://clientinsights.ca/video/jeremy-siegel-why-stocks-are-undervalued/type:investor

Responding on market concerns:

http://clientinsights.ca/video/jeremy-siegel-responding-to-market-concerns/type:investor

And these interviews summarize Robert Shiller's views on the market:

A cautious outlook for stocks:

http://www.clientinsights.ca/video/robert-shiller-a-cautious-outlook-for-stocks/type:investor

The impact of consumer confidence:

http://www.clientinsights.ca/video/robert-shiller-the-impact-of-consumer-confidence/type:investor

To watch a dozen different interviews with Jeremy Siegel and Robert Shiller, go to www.clientinsights.ca.